europe smart mining Market

The Smart Mining market in Europe is expected to grow from US$ 1,699.8 Mn in 2018 to US$ 7,968.8 Mn by the year 2027 at a CAGR of 19.2% during the forecast period.

Increasing demand for minerals and metals leads to increasing the expansion of mining activity that drives the growth of the smart mining market. These countries are witnessing an upsurge in the middle-class population and urbanization that offer ample opportunities for key market players in the smart mining market. Rapid technological developments and government support, as well as digitalization of the economy and rising disposable income of the middle-income class group, are among the factors that help the economy move forward from the developing to a developed phase. APAC integrates the smart mining industry within the life cycle of the global economy more quickly than perhaps anywhere else in the world Additionally, many of the largest mining companies in the world reside in the region, i.e., of the top 40 mining companies by market capitalization globally, close to half are in or closely tied to the region. The mentioned factors are anticipated to contribute to the growth generated by the smart mining market in Europe. The European mining industry excels in the underlying implementation and development of smart mining techniques enabling sustainable extraction and ore processing under technically and economically viable conditions and meeting stringent environmental standards. Such factors are anticipated to contribute to Europe smart mining market growth. The European smart mining industry is considered as one of the most innovative mining sectors. Discovering mining and ore dressing all require a primary emphasis on the process of research and development. High-level smart mining technologies support mining extraction, exploration, and beneficiation. The mining industry also promotes advancements in the areas of environmental, health, and safety protection. Consumption of industrial minerals and metals in Europe has increased in the past few years.

On the basis of component, hardware segment led the smart mining market with a decent market share. Wearable devices have been noted to find applications in the mining industry to regulate production processes in hard rock mines, health and safety management in coal mines, and monitor environmental quality in industrial mineral mines. For example, a smart safety helmet has been developed with methane and carbon monoxide gas sensors to warn underground coal mine workers when the concentration of harmful gases exceeds a given limit.

The overall Europe smart mining market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe Smart Mining market. It also provides an overview and forecast for the Smart Mining based on all the segmentation provided with respect to the Europe region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Smart Mining industry. Some of the players present in the Europe Smart Mining market are ABB Ltd, Alastri, Caterpillar Inc, SAP SE, Trimble Inc, Hitachi Ltd, among others.